Why are commercial loan rates so sticky? The effect of private information on loan spreads

被引：1

作者：

Demiroglu, Cem ^{[1
]}

James, Christopher ^{[2
]}

Velioglu, Guner ^{[3
]}

机构：

[1] Koc Univ, Coll Adm Sci & Econ, TR-34450 Istanbul, Turkey

[2] Univ Florida, Warrington Coll Business, Gainesville, FL 32611 USA

[3] Loyola Univ Chicago, Quinlan Sch Business, Chicago, IL 60611 USA

来源：

JOURNAL OF FINANCIAL ECONOMICS | 2022年 / 143卷 / 02期

关键词：

Loan spreads; Relationship lending; Private information; Anchoring; CREDIT; INCENTIVES; MODELS;

D O I：

10.1016/j.jfineco.2021.05.057

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

Past studies find that commercial loan spreads are "sticky" in the sense that they do not fully respond to changes in open market rates or observable firm credit risk characteristics. In this paper, we provide evidence that the appearance of stickiness arises, in part, because the intensity of bank screening varies inversely with changes in both observable firm credit risk characteristics and credit market conditions. Our analysis demonstrates that stickiness in loan spreads does not necessarily indicate loan mispricing or misallocation of credit. (C) 2021 Published by Elsevier B.V.

引用

页码：959 / 972

页数：14

共 48 条

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